Home prices rose higher from March-May than they have in a quarter century, but economists from the real estate and mortgage data aggregator CoreLogic believe that a sluggish economy might stunt further growth in the housing market.
Overall, home prices rose 5.6% during the three-month period, after the market reached a low in February. In May alone, home prices increased by 2% over prices in May 2011, making it the third straight month that home prices posted year-over-year gains over the previous year. Of the 100 biggest metro areas in the U.S., 71 areas experienced price increases. This is the largest increase since November 2006, before the housing bubble popped.
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